Mortgage rates were generally unchanged today, prolonging an exceptionally flat trend. Over the past 3 weeks, the average mortgage seeker will not have seen a change in the interest rate attached to their loan. Changes have come instead from the upfront costs associated with any given rate, which can move in smaller increments than rates themselves (mortgage lenders tend to break up rates by eighths of a percentage point). The lack of movement isn't for a lack of potential movement in underlying bond markets. That said, "potential" is the operative word, and it went unfulfilled by today's data and events. Given that today's biggest calendar event was Fed Chair Powell's congressional testimony, there's little reason to assume tomorrow's installment (with the House instead of the Senate) will

July 17, 2018 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.29% +0.01%   6.11% 7.26% 15 Yr. Fixed 5.69% +0.04%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Jul 17, 2018 Same Old Story For Mortgage Rates Tue, Jul 17, 2018 4:36PM Mortgage rates were generally unchanged today, prolonging an exceptionally flat trend. Over the past 3 weeks, the average mortgage seeker will not have seen a change in the interest rate attached to their loan. Changes have come instead from the upfront costs associated with any given rate, which can move in smaller increments than rates themselves (mortgage lenders tend to break up rates by eighths of a percentage point). The lack of movement isn't for a lack of potential movement in underlying bond markets. That said, "potential" is the operative word, and it went unfulfilled by today's data... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.29% +0.01 0.00 15 Yr. Fixed 5.69% +0.04 0.00 30 Yr. FHA 5.98% +0.04 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.68% +0.06 0.00 30 Yr. VA 6.00% +0.05 0.00 Updates Daily - Last Update: 9/9 Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 UMBS 30YR 5.5 101.10 -0.18   97.47 101.61 UMBS 30YR 6.0 102.40 -0.13   99.66 102.50 10 YR Treasury 4.083 +0.043   3.621 4.780 MBS Live Day Ahead: 2018 Rate Hike Odds Provide Backdrop For Powell Testimony Tue, Jul 17, 2018 9:47AM Fed Chair Powell begins 2 days of semi annual congressional testimony today with the Senate Banking Committee at 10am.  In recent years, this testimony has devolved into laughable political theater, mostly.  That said, today's has a few red... (read more) MBS Live Recap: Slightly More Active Than a Typical Summertime Monday Mon, Jul 16, 2018 5:52PM Summertime Mondays are notorious for light volume and seemingly random trading.  Today was a slightly more active than normal in that regard, largely due to the presence of top tier data (Retail Sales) and a geopolitical event in the form of the Trump/Putin summit.  The latter was never expected to offer any major revelations, but the former is al... (read more) MBS Price Change UMBS 5.0 99.47 -0.31 UMBS 5.5 101.09 -0.19 UMBS 6.0 102.38 -0.16 GNMA 5.0 99.79 -0.29 GNMA 5.5 101.12 -0.07 GNMA 6.0 102.08 -0.11 Pricing as of: 9/9 5:16PM EST US Treasury Yield Change 2 YR Treasury 3.550 +0.063 5 YR Treasury 3.608 +0.046 7 YR Treasury 3.809 +0.041 10 YR Treasury 4.081 +0.042 30 YR Treasury 4.721 +0.031 Pricing as of: 9/9 5:16PM EST Other News Builder Confidence: Strong but Unchanged, Material Costs Rising Tue, Jul 17, 2018 10:47AM As analysts had expected, the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) remained at 68 this month. The reading still indicates a strong level of builder confidence in the new home market, but the HMI has been relatively static for months, moving within a two-point range, 68 to 70, since March. NAHB surveys its new ho... (read more) Builders Heeding Advice to Go West. Or South Tue, Jul 17, 2018 10:02AM The National Association of Home Builders (NAHB) has plucked more information from the Census Bureau's Survey of Construction (SOC), this time to paint a portrait of the state of residential permitting nationwide. Danushka Nanayakkara-Skillington writes in NAHB's Eye on Housing blog that permits for single-family construction issued during the first five mon... (read more) Sales and Broker Products; Freddie and Fannie Updates Tue, Jul 17, 2018 8:52AM “What can be asserted without evidence can also be dismissed without evidence.” While you ruminate on that one, there continues to be evidence and reminders that potential home buyers are having trouble coming up with “skin in the game,” aka, a down payment. It would take an average of 36 years for someone earning the median income in... (read more) Latest Video Powell: Best way forward to gradually raise interest rates Fed's Powell: Important to get housing finance off governmental balance she... Fed's Powell: Our challenge will be to keep inflation around 2% level Around the Web Reuters Fed's Powell: Years of strong jobs, low inflation still ahead NAR - Realtor.com Can the Mortgage Market Predict the Presidency? Reuters States sue U.S. to void state and local tax deduction cap Calculated Risk Blog Greenspan 13 Years Ago: "Froth in housing markets" Bloomberg Treasury Yield Curve Is Heading for Inversion, Fund Managers Say CNBC GDP could rise to 4 percent in Q2 thanks to business-friendly policies, Bank of America CEO says Bloomberg Powell's Prepared Remarks to Senate Banking Panel Reuters Fannie, Freddie shares dip after Fed's Powell remarks CNBC China is investing 9 times more into Europe than into North America, report reveals CNBC US lumber producers see huge opportunity, rush to expand CNBC Powell backs more rate hikes as economy growing 'considerably stronger' CNBC Industrial production rose 0.6% in June, matching expectations CNBC The U.S. economy has plenty of steam despite bond market and trade fears, investors say

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